ZANI-KODO 2Moz Gold Project in Highly Prospective Region ④ SEMHKAT Large Copper Exploration Package in the Copper Belt 3 Other Interests

Corporate Presentation Updated November 2012 www.mwanaafrica.com Corporate Overview

An African resource company, focused on production, development and exploration of gold, nickel, copper and diamonds

Highlights:

• London listed pan-African diversified resources company (AIM: MWA)

• Exciting exploration and development pipeline backed by production growth and stable cash flows

• Strong strategic relationships with China International Mining Group Corporation (CIMGC), Hailiang and Glencore

• Strong financial backers with supportive lender (IDC) and shareholders (CIMGC, Landsdowne Capital, Blackrock, JPMorgan and Baker Steel)

• Large resource base with over 4Moz of gold, over 300Kt of contained nickel and significant copper exploration potential

1 Our African Presence

Our Key Assets Zimbabwe ① FREDA REBECCA GOLD MINE Zimbabwe’s largest producing gold mine (2.3Moz) ② BINDURA NICKEL CORPORATION Africa’s only integrated nickel operation (314kt) DRC ③ ZANI-KODO 2Moz gold project in highly prospective region ④ SEMHKAT Large copper exploration package in the copper belt 3 Other Interests

Angola 4 18% free-carried interest in Camafuca, the largest known

undeveloped diamond-bearing kimberlite complexes 1 2 Botswana 55% interest in BK16 diamond concession DRC 20% interest in MIBA, diamond mining and exploration titles South Africa Klipspringer kimberlite diamond mine Zimbabwe Further gold and nickel exploration interests in Zimbabwe

2 A Story of Growth

2012 was a transformational year for Mwana Africa

2Moz gold US$33.5m 18,350oz Landmark Trojan Agreement Restart

February April June August September

Zani-Kodo Gold Finance Secured Freda Rebecca Semhkat Bindura Nickel 2Moz gold US$33.5m Record production Cooperation Rights issue resource subscription and quarter at Freda Agreement and creditor announced placing concluded Rebecca of Cooperation and restructuring and China 18,350oz for Development implemented International Mining September 2012 Agreement signed allowing restart Group Corporation quarter with Hailing of of Trojan Nickel (CIMGC) China Mine welcomed as new 21.7% shareholder

3 Zimbabwe Commodities: Gold and Nickel

www.mwanaafrica.com Zimbabwe Key Locations

①

5 Freda Rebecca Overview

Underground mine in production with a proven operating history and well understood ore body

• Over 20 years of production history Resource • 1.68m oz indicated (@2.48g/t) & 0.64m oz inferred (@2.28g/t) and Resource supporting mine life in excess of 15 years Capacity • 2xSAG milling circuits operating (capacity: 100,000t ore per month)

Ownership • 85% Mwana Africa and • IDC debt finance facility of US$10m Funding • Cash flow generative

• Production restarted in October 2009 • 47,770 oz of gold produced for the 12 months to March 2012 Production • 36,335 oz of gold produced for the 6 months to Sep 2012 • Zimbabwe’s largest producing gold mine • C1 Costs of US$797/oz Q3 2012 (Q2 2012 = US$815/oz)

6 Freda Rebecca Success

7 Freda Rebecca Technical Overview

Successful restart by Mwana in 2009

• Underground ore body hosted by two main shear systems • 2.3 Moz Global resource @ 2.47 g/t • Underground access is via ramp systems • Mining method is massive longhole open stoping • LHD loading and dump truck haulage to surface • Primary crushing, SAG milling, gravity and CIP circuit processing approx 100ktpm

8 Bindura Nickel Corporation (BNC)

Africa’s only integrated nickel mine, smelter and refinery operation

• Trojan deposit discovered 1956; first concentrate production 1964

• Smelter and refinery constructed by Anglo American, first production 1968

• Listed on Zimbabwe Stock Exchange 1971

• Mwana acquires stake in 2003

• Operations are placed on care and maintenance in 2008

• Offtake agreement signed with Glencore in 2011 to sell nickel concentrate

• Sep 2012 recapitalisation & restructuring – US$21m invested by Mwana – US$2m invested by local shareholders – US$11.5m liabilities converted to equity

• First concentrate production expected in Q2 2013 9 Bindura Nickel Production Process

Mines

Third party Third party Trojan concentrates matte

Refined nickel Shangani * Smelter * Refinery * (14.5kt NI pa production capacity)

Pre-dev Copper sulphide and Hunters PGMs Road Cobalt cake

* Currently on care and maintenance (C&M)

10 Restarting Trojan Mine

• Vertical shaft access; trackless mining • Massives @>3% Ni accessed from late 2005. Forecast LoM average 0.92% • Shaft sunk to level 45 (1,283m) • US$11.8m spent on flotation plant replacement; commissioned in Q4 2008 • Approx. 9% Ni concentrate grade • Trojan has a JORC resource of 45.6kt contained Nickel equating to a 5-yr mine life • Drilling campaign to increase Trojan’s resources has shown positive initial results of 94.0m at 3.14% Ni, 27.7m at 10.63% Ni, 27.0m at 3.50% Ni • Trojan restart project commenced in September 2012 following restructuring. • Target first sale of concentrate in Q2 2013 ramping up to 8,000 t Ni in conc in 2017

2010 Production Levels

(917m) 33-0L

Massives @ 9.6% TNi 35-0L (978m)

37-0L (1,040m)

Exploration & Infill drilling Hanging Wall Ore Body @ 0.62% TNi

Main Ore body @ 0.70% TNi 11 BNC Future Potential

Potential to develop Hunters Road and restart Shangani mine

• Hunters Road has a JORC resource of 200kt contained Ni grading 0.55% mineable from open pit and with water, rail, road and power readily accessible.

• Refurbishment of BNC Smelter and Refinery – Likely trigger is Hunters Road development – Provides sufficient concentrate input to operate smelter and refinery efficiently – Captures additional value through production of LME grade A Nickel cathode

12 Democratic Republic of Congo Commodities: Gold, Copper and Diamonds

www.mwanaafrica.com Zani-Kodo Gold Exploration

14 Zani-Kodo Overview

5 resource increases since 2008 from 250Koz to 2.0Moz • 1,605km2 in a new gold province, the Ituri region of North East DRC

• 80% owned by Mwana Africa, JV with SOKIMO which has a 20% free carry

• Historic Kodo mine abandoned due to civil war in 1964, extensive artisanal activity since

• Zani-Kodo Trend identified over 9km by geophysics and ground mapping – Drilling commenced in April 2007 – To date 377 holes for 87,921m have been drilled

– 3.2km of trend has been drilled Zani-Kodo Mineral Resource Category

Grade Gold • 2.0Moz JORC compliant Gold Resource at 2.68 Tonnage Au (g/t) Ounces g/t – Resource includes 1.4m oz at an average grade Indicated 3,543,829 3.94 448,901 of 4.02g/t Inferred 19,745,357 2.45 1,557,265 • Ongoing drilling aimed at identifying additional mineralisation and defining additional resources 15 Zani-Kodo Exploration Plan

Exploration Plan • Targeting an additional 1Moz of near surface mineralisation by Q1 2013 • 4 diamond core rigs - Kodo Downdip extension, Gombiri & Lelumodi • Key mineralised intercepts include: • 33.0m at 3.67 g/t Au (KDODD73) • 24.0m at 10.08 g/t Au (KDODD72) • 3.7m at 5.11 g/t Au (ZNSDDO22) • Ongoing soil sampling • Ongoing geological interpretation and wire framing for all areas • Pre-feasibility study commenced

Future Options • Continue proving up increased JORC resource • Build a mine • Consider spin-out of a separate gold vehicle • Consider JV options with major partners 16 Kodo Main Ore Zone Cross Section

Cross section through Kodo Main ore zone showing presence of basal thrust and secondary splays

17 SEMHKAT Copper

18 SEMHKAT Base Metal Exploration

SEMHKAT holds a 100% interest in 33 exploration licences covering about 4,721 km2 in the Katanga Copper Belt in the southeastern region of the DRC • Exploration has generally focused on the sediment-hosted stratiform copper-cobalt occurrences as well as nickel, lead, zinc and gold occurrences • Hailiang JV over 28 licence areas covering circa 4,145 km2

Exploration Programme To Date • High resolution aeromagnetic and radiometric survey flown over bulk of area (54,000 line km). • 12,000m of drilling at the advanced Kibolwe surface deposit • 5,700m drilling on extensions of Kibolwe • 7,000m drilling at satellite targets within 10km radius of Kibolwe • Area of approximately 1,500km2 covered by soil geochemical sampling • Integrated target generation exercise completed

19 SEMHKAT Hailiang Joint Venture

Hailiang Joint Venture • Covers the remaining 28 licence areas held by SEMHKAT • US$25m exploration spend over a 4 year period • Any areas of interest can be spun into a development company in which Mwana will hold a 38% non-dilutable stake • 6 month option over Kibolwe. If option is exercised, additional US$15m committed within the first 12 months after exercise of option. Mwana will hold a 40% non- dilutable stake in Kibolwe

20 Kibolwe

• Most advanced of the SEMHKAT concessions where a scoping study is in progress

• Located approximately 150 kilometres northwest of Lubumbashi and 86 kilometres southwest of the town of Likasi

• Kibolwe is a near surface secondary enriched sediment-hosted stratiform copper deposit hosted by Mines Sub- group rocks

• Dominant oxide mineral is malachite with minor amounts of cuprite and tenorite, occurring within weathered argillaceous limestones

• Drill programs have outlined near surface, flat lying mineralized units up to 40 metres thick, extending over a strike of 1,500 meters 21 Mwana Highlights

Freda Rebecca • Consistent gold production, further plant efficiencies should improve gold recoveries

Bindura Nickel • First nickel concentrate sales from Trojan expected Q2 2013 • Trojan resource update expected soon; drilling results to date are positive

Zani-Kodo • Current resource 2Moz gold; 3Moz targeted by Q1 2013 • North-East DRC soon to be a coveted new gold province as production commences at several of major projects near Zani-Kodo

SEMHKAT • Strong JV partner in the form of Hailiang • Mwana has 38% reimbursable free carry through to production in the Hailiang JV

Mwana Group • Perceived geo-political risk in Zimbabwe overplayed • BNC aims to replicate Freda Rebecca’s successful restart and phased production ramp up model • Strong local and international management team with appropriate skill set to deliver project pipeline • Strategic shareholder in CIMGC opens doors to Chinese financing and contacts • EBITDA expected to grow in the near term

22 Appendix

1.1. Executive Management Profiles 1.2. Non-Executive Directors 1.3. Mwana Africa Resource Statement

www.mwanaafrica.com Appendix 1.1. Executive Management Profiles

Kalaa Mpinga, Chief Executive Officer David Murangari, BNC Managing Director Held senior positions at Bechtel Corporation in San Francisco and Held high profile positions in the Zimbabwe mining industry, including Anglo-American Corporation of South Africa from 1991. Secretary for Mines, President & Chief Executive of the Chamber of In 1997, he became director of the Anglo-American Corporation Mines of Zimbabwe & Trustee of the Mining Industry Pension Fund. leaving in 2001 to pursue business opportunities in mining, founding He is also a non executive director of Zimbabwe Iron and Steel Mwana Africa Holdings (Pty) Limited. Company, Zimbabwe Power Company and National Investment Trust.

Donald McAlister, Finance Director Batirai Manhando, BNC COO Mr McAlister has 19 years of experience as a finance director for He has a total of 18 years experience,10 of which were senior roles African mining companies at all BNC concentrators, smelter and refinery before being appointed Prior to joining Mwana Donald was Finance Director of Ridge Mining COO in 2008. PLC. He is currently a non-executive director of AIM listed mining He holds a MBA and a BSc (Hons) in Metallurgical Engineering and company Tertiary Minerals plc. is a member of Southern African Institute of Mining and Metallurgy.

James Arthur, EVP – Operations Thomas Mashungupa, BNC Technical Director Mr Arthur has more than 20 years mining experience in Southern He has 22 yrs engineering experience in Cement manufacturing Pulp Africa, including South Africa, Botswana, Zimbabwe and Zambia. and paper , Mining and process plants. He has led project teams in Previous managerial experience with Impala Platinum and shaft sinking , winder installations, process plant upgrades as well as BHPBilliton. He was most recently employed as Chief Operating Furnace Re-builds. Officer at Luanshya Copper Mines in Zambia. He holds a BSc Hons in Mech Eng UZ, MDP Unisa, and, he is a member of the Zimbabwe Institute of Engineers.

Charl du Plessis, EVP – Exploration Toindepi Muganyi, GM Freda Rebecca Dr du Plessis was previously responsible for African exploration at Mr Muganyi has more than 15 years mining experience in Southern AngloGold, and subsequently AngloGold Ashanti Africa including Botswana and Zimbabwe. From 1989 to 1998, Dr du Plessis held positions as a Production Recently Mr Muganyi was employed as production manager at BCL Geologist at Western Deep Levels in South Africa and as a member in Botswana and Mining manager of African Copper in Botswana. of Anglo American’s Basin Analysis Team He holds a BSc Mining Engineering degree.

Lorenz Werndle, Head of Corporate Development Over 13 years African focussed experience in business management, strategy, corporate finance and business development He began his career with Andersen Consulting in South Africa, and, most recently, was Head of Business Development at Lonrho Plc.

24 Appendix 1.2. Non-Executive Director Profiles

Oliver Baring, Non-Executive Chairman Ning, Yat Hoi, Non-Executive Director Mr Baring is a former MD of UBS in the CF Division responsible for He has more than 20 years experience in the trading, investing and the Africa and Mining sectors. He has also worked with the Anglo managing of non-ferro and precious metals businesses. American/De Beers group in the US, the UK and South Africa. Mr Ning is the Chairman of Hoi Mor Industrial (Group) Limited, China Mr Baring currently has positions with First Africa Holdings Ltd, International Mining Group Corporation, Hong Kong Mining Blackrock World Mining Trust plc, Ferrexpo plc and Sentient Exchange Company Limited and MBMI Resources Inc. Resources Fund. He also sat as the VC of China Non-ferrous Metals Council.

Hu, Yuan Ching, Non-Executive Director Etienne Denis, Non-Executive Director Mr Hu has a Fiduciary Broker Licence, a Marketing Immovable Mr Denis holds a PhD in Science from the University of Louvain. He Property Licence and is a qualified Professional Financial Supervisor. joined Umicore in 1974 where he held a number of management positions. Mr Denis in turn became a board member of Umicore until Between 2001 and 2006 Mr Hu was General Manager of Taiwan A- mid-2005 when he moved to the board of Cumerio. He was a Director Life Company, where he was made an Executive Director in 2005 of Adastra Minerals Inc., when it was purchased by First Quantum and in 2006 he established Taiyou Investment Co Ltd in Hong Kong. Minerals.

Johan Botha, Non-Executive Director John Anderson, Non-Executive Director Mr Botha a South African citizen with over 40 years experience in the Mr Anderson is Executive Chairman of J O Hambro Investment African mining sector, 26 years of which were spent working across Management Limited where he manages investment portfolios for AngloGold’s portfolio, as well as working as Manager in the Technical what is predominantly an international client base. He has been Development Division. Since leaving Anglo Johan has assisted and involved in natural resources and emerging markets for more than 45 managed in the development and bringing into production of a years, is a graduate of Edinburgh University and qualified as a number of mines, working for BHP and Randgold. Scottish Chartered Accountant in 1966.

Stuart Morris, Non-Executive Director Mr Morris was a Senior Partner and a member of the KPMG International executive and board later becoming Chairman of the South African Institute of Chartered Accountants Ethics Committee; President of the Johannesburg Chamber of Commerce and Industry; a Public Investment Commissioner; and a Council member of Witwatersrand University.

25 Appendix 1.3. Mwana Africa Resource Statement

Gold Resources (100% basis)

Cut off Reserves Measured and Indicated Total

Project Name (g/t) Mt Grade (g/t) Koz Mt g/t Koz Mt g/t Koz Freda Rebecca 1.5 21.0 2.48 1,675 29.8 2.42 2,314

Zani-Kodo 0.5 3.5 3.94 449 23.3 2.68 2,006

Total 24.6 2.69 2,124 53.1 2.53 4,320

Nickel Resources (100% basis) Cut off Reserves Measured and Indicated Total

Project Name Grade % Kt Grade % Ni (t) Kt Grade % Ni (Kt) Kt Grade Ni (Kt) % Trojan 0.45% 2,410 1.08% 25,810 2,420 1.37% 33,060 3,530 1.29% 45,600

Shangani 0.40% 2,320 0.58% 13,590 12,030 0.56% 67,870

Hunters Road 0.40% 36,437 0.58% 200,404 36,437 0.55% 200,404

Total 2,410 1.08% 25,810 41,177 0.60% 247,054 51,997 0.60% 313,874

26 Appendix 1.4. Mwana Africa Corporate Overview

7.00 12.0

6.75 Key Facts 11.0 6.50 10.0 London Listed AIM: MWA 6.25 9.0 Ticker AIM:MWA 6.00

5.75 8.0 Issued Shares 1,115m

5.50 Options 52.7m 7.0 (m) Volume

5.25 6.0 Share Price * 5.1p 5.00

5.0 Market Capitalisation £57.8m

Share Price (GBp) Price Share 4.75 *28 December 2012 4.50 4.0

4.25 3.0 Financials 4.00 2.0 3.75 US$’000 FY2012 FY2011 1.0 3.50 Revenue 81,313 43,717 3.25 0.0 Cost of Sales 46,450 29,568 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 Gross Profit 34,863 14,149 Mwana Africa FTSE 350 Index - Mining (rebased) Group Loss 6,708 11,481 Significant Shareholders Investor % Advisers CIMGC 21.8% Nomad & Broker Liberum Capital Lansdowne Partners 11.4% Solicitors Charles Russell Capital Research Global Investors 8.3% Auditors KPMG JP Morgan Asset Management 6.7% Public Relations Tavistock Communications Baker Steel Capital Managers 4.1% BlackRock 3.1% 27 Legal Disclaimer

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